LAS VEGAS, Nov. 13 /PRNewswire-FirstCall/ -- CardioVascular BioTherapeutics, Inc. (OTC Bulletin Board: CVBT - News; the "Company") has entered into its first clinical development agreement for its Coronary Heart Disease drug candidate with Cardio Neo-Genesis, LP ("CNG"). The agreement, dated November 11, 2008 states that CNG can fund up to $15,000,000 of the clinical development for the Company's Coronary Heart Disease (CHD) drug candidate. The agreement also provides for a royalty to CNG payable from 5% of CVBT's cash-flow stream on its CHD drug up to 20 times return to CNG's limited partners.
"CVBT is currently utilizing clinical development agreements to fund and advance our drug development candidates," according to Mr. Mickael A. Flaa, CVBT's Chief Financial Officer. Mr. Flaa continued, "Given the stress in the financial markets at this time, we looked to the lessons of history for a strategy to finance CVBT's drug development program. The clinical development arrangements that CVBT has entered into are similar in structure to those used successfully by Amgen, Genentech, Biogen, and others over 20 years ago to fund their drug development programs."
"This development agreement is a positive step in advancing CVBT's CHD drug candidate given today's financial markets," said Mr. Daniel C. Montano, CVBT's CEO. Mr. Montano continued, "I believe that CVBT's existing shareholders will benefit from this new source of funding which does not permanently dilute their shareholdings."
About CardioVascular BioTherapeutics
CVBT (OTCBB: CVBT - News) is a biopharmaceutical company developing human FGF-1 for cardiovascular diseases characterized by inadequate blood flow to a tissue or organ. In addition to the Phase II trial it is conducting in patients with severe coronary heart disease, the company has two FDA-authorized clinical trials in the areas of impaired wound healing seen in diabetics and in patients suffering from peripheral artery disease of the legs. An additional study is being conducted in patients with chronic back pain who may have perfusion defects to their spine. For more information about CardioVascular BioTherapeutics, Inc. please visit www.cvbt.com.
CardioVascular BioTherapeutics, Inc.
Allison Caplan, (702) 839-7200
Source: CardioVascular BioTherapeutics, Inc.